Solar Panel Cost Guide in Murray, NY (2024 Update)
- Murray Solar Installation Cost: $10,538
- 25-Year Savings: $7,906
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Murray
Let’s have a look at the average cost of solar panels in Murray.
The national average cost of solar panels is $2.66 per watt, but in Murray it’s 4 per watt.To account for the typical energy needs of the average home in Murray, most homeowners require a 4.1-kilowatt system. Using the per-watt figure above, a solar installation costs around $10,538, or $15,069 before the federal solar tax credit of 0 is applied.
These figures are just averages, and how much solar costs for you will most likely vary based on the amount of energy your home requires and what company you choose to go with.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $15,000 over 20 years on utility bills.
To get a free estimate from a pre-vetted solar installation company in Murray, you can click the button below.
Solar savings over time in Murray
| Year | Return on Investment |
|---|---|
| 1 years | $-9,630 |
| 3 years | $-7,813 |
| 5 years | $-5,996 |
| 7 years | $-4,178 |
| 9 years | $-2,361 |
| 11 years | $-544 |
| 13 years | $1,273 |
| 15 years | $3,090 |
| 17 years | $4,907 |
| 19 years | $6,725 |
| 21 years | $8,542 |
| 23 years | $10,359 |
| 25 years | $12,176 |
Top Solar Installers in Murray
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with an installer can make switching to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance in the long run.
If you’d like to switch to solar energy but still aren’t certain which solar panel installer to go with, here are our suggestions for providers in Murray:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Murray
Factors that Affect Solar Panel Costs in Murray
For many Murray homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Murray, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Murray homeowners decide to finance their solar panel systems to offset upfront costs.Though solar loans make switching to solar energy more accessible for Murray homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you go with to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Murray, and each can charge varying amounts for labor and equipment.The company’s size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $7,947 | 16.7 years |
| 8 kW | $3.72 | $20,849 | $11,004 | 16.4 years |
| 10 kW | $3.65 | $25,550 | $14,266 | 16.0 years |
| 12 kW | $3.58 | $30,047 | $17,733 | 15.7 years |
| 14 kW | $3.50 | $34,339 | $21,404 | 15.4 years |
| 16 kW | $3.43 | $38,427 | $25,279 | 15.1 years |
| 18 kW | $3.36 | $42,311 | $29,359 | 14.8 years |
| 20 kW | $3.29 | $45,990 | $33,643 | 14.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: If you’re concerned about the endurance of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Murray, NY Solar Cost FAQs
How much does it cost to install solar panels in Murray?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Murray?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How long do solar panels last in Murray?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.